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There are currently no known outstanding effects for the The Bank Recovery and Resolution ( No. 2) Order 2014, PART 8.
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107. In this Chapter—
“measure for early intervention” means a [F1relevant] measure which may be taken by the PRA or FCA in exercise of its powers under FSMA with the object of addressing the conditions [F2for early intervention]; F3...
“relevant institution” means an institution which is authorised by the PRA or FCA and is not part of a group subject to supervision on a consolidated basis in accordance with [F4the capital requirements regulation and CRR rules] [F5, and
[F6“relevant measure” means a measure—
requiring an institution to—
implement one or more of the arrangements or measures set out in the recovery plan; or
review and (if appropriate) amend a recovery plan in accordance with article 33 when the circumstances that led to early intervention are different from the assumptions set out in the initial recovery plan and implement one or more of the arrangements or measures set out in the updated plan within a specified timeframe and to ensure that the conditions referred to in the introductory phase no longer apply;
requiring the management body of an institution to examine the situation, identify measures to overcome any problems identified and draw up an action programme to overcome those problems and a timetable for its implementation;
requiring the management body of an institution to convene, or, if the management body fails to comply with the requirement, to convene directly, a meeting of shareholders of the institution, and in both cases setting the agenda and requiring certain decisions to be considered for adoption by the shareholders;
requiring any person to be removed or replaced if an approval is withdrawn from that person under section 63 of FSMA;
requiring the management body of an institution to draw up a plan for negotiation on restructuring of debt with some or all of its creditors in accordance with any recovery plan;
requiring changes to the institution's business strategy;
requiring changes to the legal or operational structures of the institution; or
acquiring (including through on-site inspections) and providing to the Bank all the information necessary to update the resolution plan and preparing for the possible resolution of the institution and for valuation of the assets and liabilities of the institution in accordance with section 6E or 48X of the Banking Act 2009;]
“temporary manager” means a temporary manager appointed by the appropriate regulator under section 71C of FSMA].
Textual Amendments
F1Word in art. 107 inserted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 60(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in art. 107 substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 60(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in art. 107 omitted (16.12.2016) by virtue of The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(2)(a)
F4Words in art. 107 substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 19(7)
F5Words in art. 107 inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(2)(b)
108.—[F7(1)] The appropriate regulator must notify the Bank without delay if it determines that a relevant institution meets the conditions for early intervention [F8or the appointment of a temporary manager].
[F9(2) The PRA and the FCA may each make technical standards relating to the circumstances in which a relevant institution may be taken as meeting the conditions for early intervention.]
Textual Amendments
F7Art. 108 renumbered as art. 108(1) (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 61(1); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in art. 108 inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(3)
109. The appropriate regulator may not take a measure for early intervention in respect of a relevant institution without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.
110.—(1) This Chapter applies where the PRA or FCA is the consolidating supervisor in relation to a relevant group.
(2) In this Chapter—
“measure for early intervention”—
F12...
[F13temporary manager” means—
in relation to a UK group entity, a temporary manager appointed by the appropriate regulator under section 71C of FSMA;
F14...]
“UK group entity” means—
Textual Amendments
F10Words in art. 110(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in art. 110(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in art. 110(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(3); 2020 c. 1, Sch. 5 para. 1(1)
F13Words in art. 110 inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(4)
F14Words in art. 110(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(4); 2020 c. 1, Sch. 5 para. 1(1)
F15Word in art. 110(2) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(5)(a); 2020 c. 1, Sch. 5 para. 1(1)
F16Words in art. 110(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 62(5)(b); 2020 c. 1, Sch. 5 para. 1(1)
111.—(1) This article applies where the appropriate regulator proposes to take a measure for early intervention [F17or appoint a temporary manager] in respect of a UK group entity.
(2) The appropriate regulator must without delay give notice of its proposal to the BankF18....
F19(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) The appropriate regulator must give the [F20Bank] notice of a decision to take a measure for early intervention [F21or to appoint a temporary manager] in respect of a UK group entity.
(5) The appropriate regulator may not take a measure for early intervention without prescribing a date before which the action required to be taken in compliance with the measure is to be completed.
(6) The appropriate regulator must give the UK group entity referred to in a notice given under paragraph (4) and the [F22UK] parent undertaking, if it is not the entity concerned, written notice of its decision to take a measure for early intervention [F23or to appoint a temporary manager], including a reasoned account of the decision.
Textual Amendments
F17Words in art. 111(1) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(a)
F18Words in art. 111(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(2); 2020 c. 1, Sch. 5 para. 1(1)
F19Art. 111(3) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(3); 2020 c. 1, Sch. 5 para. 1(1)
F20Word in art. 111(4) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(4); 2020 c. 1, Sch. 5 para. 1(1)
F21Words in art. 111(4) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)
F22Word in art. 111(6) substituted (31.12.2020) by The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 63(5); 2020 c. 1, Sch. 5 para. 1(1)
F23Words in art. 111(6) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 41(5)(c)
F24112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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